What information consumes is rather obvious

What information consumes is rather obvious: it consumes the attention of
its recipients. Hence, a wealth of information creates a poverty of attention
and a need to allocate that attention efficiently among the overabundance
of information sources that might consume it. “Designing Organizations
for an Information-Rich World,” in Martin Greenberger,Computers, Communication, and the Public Interest[Baltimore, MD: The Johns Hopkins
Press, 1971, 40–41]
Herbert Simon, Nobel Laureate in Economics
TRADITIONAL ASSET PRICINGmodels assume that information is instantaneously
incorporated into prices when it arrives. This assumption requires that
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Da is with University of Notre Dame, Engelberg is with the University of California at San
Diego, and Gao is with University of Notre Dame. We thank Nick Barberis; Robert Battalio; Andriy
Bodnaruk; Zhiwu Chen; Jennifer Conrad; Shane Corwin; Mark Greenblatt; Campbell Harvey (the
editor); David Hirshleifer; Kewei Hou; Byoung-Hyoun Hwang; Ryan Israelsen; Ravi Jagannathan;
Robert Jennings; Gabriele Lepori; Dong Lou; Tim Loughran; Ernst Schaumburg; Paul Schultz;
Mark Seasholes; Ann Sherman; Sophie Shive; Avanidhar Subrahmanyam;

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